Do you agree or disagree that Credit Scores should be eliminated?

[Finchie40]

I honestly feel it’s stupid that our lives are based upon credit scores, especially when you make a decent income or salary. Buying a car or home etc. shouldn’t be based upon credit scores. If it was up to me I would eliminate credit all together because all it is, is a money making scam for companies to make more money off of you based upon your credit score. Whoever came up with the idea of credit was an asshole in my opinion. Things should be based off of Your income , Agree or disagree?

[sage2021]

I don't think they should be eliminated altogether but they need to shorten the years of your credit they judge us on.
I think that just the last year should suffice instead of the last 7 years it is now.
The world has changed with high frequency and your circumstances have changed during the past 7 years of your life.
So in that way, the last year should be enough for them to make a decision about giving you credit or not.
They have to be careful because there are tons of people that get credit cards and run each one to the maximum and don't have any intentions of paying any of it back.
I know someone who did this and now she has to deal with the court system about why she doesn't ever send any money at all to the institution that trusted her and allowed her to have a credit card with a $3,000 limit and she maxed it out and doesn't send them a dime! But she spends her money on things she doesn't even need and has a great time at the gambling casinos.
This is a total disregard for being a responsible adult person.

[Finchie40]

Yea I know people that opened credit cards under a deceased person’s name and maxed out the cards and never paid a dime to them

[Crimsyjo]

a lot of people scam creditors so I guess seeing your income doesn't prove you will use it to pay off loans and debts. Seeing healthy bank records should be enough tho. Here in UK it's not such a big thing. And like I can see my credit score free so I don't know how they male money to run. Maybe from companies paying to see the score? No idea. My score is great tho but as I had a partner that made me bankrupt over ten years ago I still get refused. And that's not even supposed to effect your record after like 5 or 6 years.

[jamesgoldman]

One of my clients went bankrupt in 1998, he passed last year having never been able to get credit again

[Crimsyjo]

@jamesgoldman yeah it sucks cos I've always been great with money and wasn't my fault the banckcrupcy. Tho my stupidity was my fault lol. In loaning my ex money when he was out of work with promises he would get another job. But 3 years and he never did.

[jamesgoldman]

He sold one business to pay off his mortgage but the other one folded, luckily between lodgers and car repairs when his health was better and selling plenty of gold & silver to me when that started to fail

[lightbulb27]

disagree... Do you pay your bills is an important factor.

making income/work is different than financial responsibility with that income!

So no...

The real problem is people are not training nor understand the system. If they are started out with debt due to parents situation or training, they are stuck in it for decades... exactly what the govt wants... like a big leech sucking off their blood.

[Spencer10]

There has to be a way for financial institutions to judge a persona financial risk... defaults hurt everyone. So its in all peoples interest to prevent bankruptcies and help people manage their risks. A credit rating based on past behavior seems a acceptable way to do that. Can it be improved... sure but the basic principal is sound.

[Apple1996]

Nah credit scores basically prove that a person is trustworthy and will pay their bills on time. Someone just having income doesn't prove that they'll spend it properly. They could be buying a bunch of drugs instead of paying their loans with that income.

[RageBabe]

No, if lenders can't quickly determine a borrower's creditworthiness, they'll lend to fewer people and make borrowing harder. They will consider income or job security/tenure, need substantially greater down payments, and charge higher interest rates to compensate for risk. It will not suddenly make loans available to everyone; instead, it will raise further barriers for even low-risk consumers.

[Anonymous]

My credit hit the skids when I came down really ill and had to face some significant medical bills which unbalanced us. But due to us having a long track record of paying a large number of vehicles and credit cards off, repeatedly, I was approved for a consolidation loan three times what I had asked for in the past making life doable again.

Documented history matters.

Earn a good history.

[Joshydavid25]

I don't know about eliminated, though I can definitely be persuaded, but they definitely shouldn't be as important as they are.. Nor should a raising credit score take so long..

[exitseven]

There are plenty of deadbeats that have good jobs and make decent money but they do not manage it correctly. Then they default on their bills and bounce checks all over town,

[CupcakeTheDestroyer]

Everything about the banking process is made to deny shelters and vehicles to anyone who is not rich enough to buy them already.

[OneViewpoint]

Credit scores are useful to banks considering loans and credit cards to borrowers.

[Surely]

Is there any other way to prove that a person is credible and will pay off their debts? Without having to do a deep dive into their financial history.
Just asking.

[Dargil]

Do agree that brain surgery MD degrees should be eliminated?

[DrPepper12]

Completely disagree. Credit is essential. Risks MUST be assessed.

[Ariesman81]

People with money could give two shits about credit scores.

[Finchie40]

Apparently not, I make a good salary and I am trying to buy another car , I clearly make the money but they are basing my payments off of my credit score which is stupid to me , I told the dealership what I can afford and if they can’t work with me I will buy a car somewhere else. The person that makes that decision for them is out of office so I have to wait for them to come back to get an answer , I told the salesman Fuck my credit , you clearly see I make the money to pay for this car , He said I know but this is how things are. I said yea bullshit scam is what it is

[Ladsin2]

You don't have to worry about credit if you pay cash. You only need a credit score if you're going to purchase products on credit.

[jahaims]

Wait until you learn how money really works

[Pterodon]

I agree